Chevron Eyes More Power Deals After 2.7-Gigawatt Microsoft Contract
Chevron is aggressively pursuing new power generation deals following a landmark 2.7-gigawatt contract with Microsoft to supply natural gas directly to an AI data center in West Texas. The arrangement bypasses local utilities, using GE Vernova turbines and Chevron's own gas supply over a 20-year period. Chevron's president of new energies, Jeff Gustavson, indicated the company sees this as a growth platform, with high-opportunity areas including the Midwest, Gulf Coast, Rocky Mountains, and Utah. The article highlights a massive gap between planned behind-the-meter gas capacity (100 GW) and current operational capacity (2 GW) for US data centers, with PwC forecasting a fivefold increase in AI-driven natural gas demand over the next decade. Chevron aims to capitalize on this trend, though the current deal is viewed as a test of the business model's returns.
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